Irrecoverable Advances given for Purchase of Land for Real Estate Development Business allowable either as Trading Loss or Business Expenditure: ITAT [Read Order]

By Taxscan Team - On May 2, 2022 12:00 pm - 2 mins read

Real Estate Development - Business allowable - Trading Loss - Business Expenditure - ITAT - taxscan

The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) has held that the advances given for purchase of land in the normal course of business of carrying on real estate development, if not recoverable could be allowed as either trading loss under section 28 of the Income Tax Act, 1961 or as expenditure under…

Your free access to Taxscan has Expired

To read the article, get a premium account.

Taxscan Premium

Why should you subscribe?

Enjoy our website without interruptions from advertisements
Receive Daily newsletters
Receive realtime Telegram/Whatsapp news updates
Download original Judgements / Order / Notifications / Circulars, etc
Enjoy exclusive entry fees to Simplified series. (Webinars, Seminars, masterclasses, etc.)

₹1199 + GST for 1 year

Subscribe Now

Topics